If you are looking for a highly fruitful career in the technology environment, this is your chance to gather the resources and aim for a coveted role as a Business Analyst. A certification from the top ranking business analytics course is what you need.
In this article, we will discuss what are the key factors driving success in the business analytics market.
Market Research Finding: A 2X Market Growth despite COVID-19 Slowdown
The global SaaS-based business analytics industry is projected to grow at 15% and above for the next 5 years. Despite a significant slowdown in the market due to the COVID-19 lockdown, the data science industry is in no mood to let go of the tremendous opportunities and momentum gathered in the last 2-3 years, built on the foundation of SaaS-driven Big Data analytics and customer intelligence platforms. As per the latest market research findings, by 2025, the Business Analytics market would double its revenue share to $440 Billion! However, there would be a shortfall of talented and skilled business analysts who can handle the demands of high paced growth in the industry.
Top Industries that are Using Business Analytics Tools
While most businesses are leveraging the big data analytics and intelligence tools and platforms for their various functions, some tend to use them more frequently and consistently report ROI. This helps the industry to accurately project the outcome of trends and revenue share returned from the adoption of these tools and platforms.
By the volume of the number of Business Analytics tools and users, the healthcare industry easily takes the leading spot when it comes to assessing the highest growth in the business analytics market. A large number of certified analysts are heading to the healthcare industry after completing their business analytics courses. This has led to a sudden spurt in startups and small scale businesses handling academic and research, mobile application development, UI UX building, and SAAS-based marketing and sales.
Based on the end user, marketing and sales departments in the healthcare and B2B Commerce are leading the front in topping business analytics and Big Data intelligence for their various revenue-centric and customer experience management efforts.
Email marketing, social media marketing, and e-commerce, followed by video advertising and OTT are other popular fronts where a sizeable economy has shifted to accommodate the recent demands from the segments.
What kind of analytics would you be handling in the Business Analyst role?
Based on your company profile and the industry you are serving, the business analyst role would largely revolve around IT and ITES, Workforce, Financial Reporting, and Risk assessment management roles. However, marketing, sales, and customer service departments might also be areas of significant interest as these functions command respect in the current COVID-19 scenario.
For example, business analysts are hired to plan market penetration strategies for diverse companies that could be in core Telecom services or Media and Entertainment business, but diversifying to other areas of interest, such as E-commerce, Fast CPG / FMCG, Insurance or healthcare app developments. A brilliant example of hiring top-class business analysts groups is Reliance Jio — a Telecom giant that has slowly branched its way into e-commerce retail, FMCG, mobile app development, and now fintech and space development projects. Not to forget, it is also on a fast track mode in further diversifying its role as a funding magnet, attracting foreign investments into the country at times of dire needs.
If you are targeting a specific role, you can choose functions in the following areas:
Marketing and Sales
- Customer Analytics Marketing Analytics
- Pricing Analytics
Finance and Audit
- Risk & Credit Analytics
Operations Management
- Spatial Analytics
- Supply Chain Analytics
- Transportation Analytics
HR and Employee management
- Workforce Analytics
How Business Analytics Courses Carves a Niche for you?
Professionals are jumping into the analytics market from left right and center. The groups belong to as diverse fields as networking and testing, healthcare / nursing, education, and nutrition.
The lure of AI, Machine Learning, and Robotics further attract fresh graduates and experts in diving into the world of analytics.
The common interest among these groups is the way they foresee their future in the Big Data market and the role they can carve for themselves at the back of coding and programming skills, which can be improved with analytics skills. The common thread, therefore, is Data Analytics and Coding in any popular programming language — R, Python, and others.
